12/03/2012 - 06:50

Today's Business Headlines

12/03/2012 - 06:50

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Greens push Swan over tax cut laws – The Fin; Mining capital forced offshore – The Aus; Secret scheme to derail WA power merger – The Fin; Land lock on Bluewaters – The West; WA art helps us to reach for the stars – The Fin

Today's Business Headlines

Greens push Swan over tax cut laws

The Greens are pressing the Gillard government to legislate immediately its promised cuts to company tax or face the risk that its $10 billion mining tax might not get Senate approval in the crucial last two weeks of Parliament before the May budget. The Fin

Mining capital forced offshore

Australia's global share of the capital raised for mining projects has sunk from 21 per cent to 15 per cent since 2008 as other countries such as Russia, India and China attracted tens of billions of dollars in additional funding. The Aus

Secret scheme to derail WA power merger

West Australian business groups have circulated a secret strategy paper to counter state government plans to re-merge the two dominant publicly owned power utilities, Verve and Synergy. The Fin

Land lock on Bluewaters

Administrators unravelling Ric Stowe's collapsed Griffin Energy Group have moved to block the transfer of land hosting the Bluewaters power stations to two companies linked closely to Mr Stowe. The West

WA art helps us to reach for the stars

An exhibition of indigenous art depicting the stars above the Western Australian desert is working its way across Europe as part of a final pitch by Australia to host the world's most powerful telescope, the Square Kilometre Array. The Fin

THE WEST AUSTRALIAN:

Page 1: Energy Minister Peter Collier says there is a “very real possibility” the Barnett government will merge state-owned electricity companies Verve and Synergy before next year's March election.

Nationals Senate leader Barnaby Joyce tried to get Gina Rinehart's daughter Hope Welker to drop her bid to wrest control of the family trust from her mother.

Page 3: WA's 153,000 public servants are about to get the right to seize control of their retirement savings – seven years after the federal government passed laws giving workers a choice of superannuation provider.

Page 7: WA taxpayers are shelling out thousands of dollars to prepare Year 12 exams for as few as one student.

Page 11: The RAC has called for learner drivers to be forced to do 75 hours of supervised driving, despite the government yesterday doubling current requirements.

Page 16: Emirates, the world's biggest international airline, is increasing its capacity into Perth to meet a 27 per cent rise in business into the Australian market.

Business: Administrators unravelling Ric Stowe's collapsed Griffin Energy Group have moved to block the transfer of land hosting the Bluewaters power stations to two companies linked closely to Mr Stowe.

Greece faces significant fiscal problems despite restructuring its immediate debts last week, economists warn.

Europe's troubled banks accelerated efforts to pull loans from countries around the world, including Australia, towards the end of last year as the eurozone debt crisis intensified.

Australia's fund managers are being pushed to disclose how much they earn for managing the nation's superannuation savings, with their sector on track to reap a collective $9.4 billion in revenue from super fund members this financial year.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: The Greens are pressing the Gillard government to legislate immediately its promised cuts to company tax or face the risk that its $10 billion mining tax might not get Senate approval in the crucial last two weeks of Parliament before the May budget.

Gina Rinehart's four children were initially united in taking legal action to remove her as the trustee of a $3 billion-plus family trust until her youngest, Ginia, had a late change of heart and sided with her mother.

The ASX has warned that the federal government does not have the policies to tie Australia into Asia's booming financial markets after Treasurer Wayne Swan blocked a takeover of the stock exchange by its Singapore counterpart.

Page 5: Major retailers want Sunday penalty rates cut in half, citing their need to employ staff and respond to consumer demand.

Page 8: An exhibition of indigenous art depicting the stars above the Western Australian desert is working its way across Europe as part of a final pitch by Australia to host the world's most powerful telescope, the Square Kilometre Array.

Page 11: West Australian business groups have circulated a secret strategy paper to counter state government plans to re-merge the two dominant publicly owned power utilities, Verve and Synergy.

Page 17: New Orica chief executive Ian Smith does not expect he will have to write down the value of the company's Minova mining consumables division and suggests he will hang on to the business even though it has missed critical performance targets.

Page 19: Mozambique's recent rejection of Rio Tinto's plans to send coal down the Zambezi river by barge could prove damaging to the country's reputation for mining investment and hamper its ability to export coal, warns former Riversdale Mining managing director Steve Mallyon.

Page 22: The new-broom chief of Western Australia's biggest superannuation fund is unperturbed by the prospect of the state's public servants being given the right to select the manager of their own super fund.

 

THE AUSTRALIAN:

Page 1: Trade Minister Craig Emerson has outlined plans to harness capital from emerging economic giants such as China and India to spark a revolution in Australian food production.

Page 2: The South Australian and Tasmanian Labor governments have taken aim at the large and resource-rich states for caving in to big wage demands by public sector unions.

Page 3: The bitter war of words between members of Australia’s richest family is becoming increasingly spiteful, with Gina Rinehart suggesting her only son did not appreciate the privileged lifestyle that her wealth had provided him.

Page 4: The system for funding the nation’s $100 billion road system is failing, leaving massive gaps in financing roads that cannot be met from tax revenues, the National Infrastructure Coordinator has warned.

Three green groups named in last week’s leaked proposal to undermine the multi-billion dollar coal industry have received a total of close to $750,000 in funding from the Department of Climate Change, an industry analysis obtained by The Australian shows.

Business: Australia's global share of the capital raised for mining projects has sunk from 21 per cent to 15 per cent since 2008 as other countries such as Russia, India and China attracted tens of billions of dollars in additional funding.

Swiss commodities trader Glencore has reportedly approached Canadian grain handler Viterra in a $5.2 billion bid that will have implications for the Australian grain market.

China swung to a massive trade deficit last month — probably its largest ever — due partly to seasonal distortions and soaring oil imports, but also faltering demand for the country’s exports.

China's soft landing could have a bruising impact on Australia, bringing a much sharper fall in bulk commodity prices than anyone is expecting.

Rio Tinto is putting little credence in China’s proclamations that annual economic growth will slow to 7.5 per cent this year.

Australia is not a financial centre and will not become one under current policy, the Australian Securities Exchange warns, while also urging business and the government to engage more deeply with Asia.

The competition watchdog has declared that if allegations by supermarket suppliers are fully backed up, there could be unconscionable conduct, and it says the welfare of suppliers may be in conflict with the desire of consumers for lower prices.

 

THE SYDNEY MORNING HERALD:

Page 1: Motorists convicted of low and mid-range drink-driving could be placed on a new type of "good behaviour licence" and severely punished for reoffending under changes the state government is considering.

Page 2: Sports fields, car parks and parklands will be important assets. Houses will have walls that open and some people might need to lose their water views to prepare for the bigger, more frequent floods due to global warming, according to experts contacted by the Herald.

Page 3: The mining magnate Gina Rinehart is expected to launch another attempt to prevent media coverage of a family legal dispute by claiming court documents contain commercially sensitive information.

World: Amid the worst outbreak of Israeli-Palestinian violence in a year, the quartet of Middle East negotiators will meet at the United Nations to discuss how to revive stalled peace talks.

Business: Fund managers are being pushed to disclose how much they earn for managing the nation's superannuation savings, with their sector on track to reap a collective $9.4 billion in revenue from super fund members this financial year.

Sport: Michael Jennings is well on the road to redemption with his star performance helping the Panthers to an 18-0 win over the Roosters.

THE DAILY TELEGRAPH:

Page 1: Taxpayers are now spending more than $60 million a year to provide free legal aid to asylum seekers.

Page 2: He is Australia's best-known refugee lawyer with a silken media presence and who labels the political brawl over asylum seekers as "toxic" and "degenerative".

Page 3: It's the conversation parents dread most - and experts say we need to have it earlier and more than once.

World: Iraqi youngsters are being stoned to death for having haircuts and wearing clothes that emulate the "emo" style popular among Western teenagers.

Business: Lower property prices, tougher lending rules and volatile economic times could mean it's time to snare a property bargain again.

Sport: Wayne Bennett has come out firing to declare the NRL's free player market is "diabolical for fans" - but clubs have no other choice under the current system.

THE AGE:

Page 1: Nationals Senate leader Barnaby Joyce has become embroiled in the billion-dollar Rinehart family feud, with revelations that he wrote to one of the mining magnate's children urging her to drop the case.

Page 2: The Baillieu government will abolish Victoria's local government watchdog and hand its powers to the Ombudsman in a bid to bolster and streamline the oversight of councillors and senior council staff.

Page 3: Planning regulations that were designed to reverse Victoria's dramatic loss of native habitat are being secretly reviewed by the Baillieu government after complaints that the state is being choked by environmental red tape.

World: When East Timorese voters go to the polls on Saturday to choose a new president, every candidate with a chance will be a veteran of the struggle against Indonesia.

Finance: Australia's fund managers are being pushed to disclose how much they earn for managing the nation's superannuation savings, with their sector on track to reap a collective $9.4 billion in revenue from super fund members this financial year.

Sport: North Melbourne coach Brad Scott says his players need to toughen up with the main season just a few weeks away.

THE CANBERRA TIMES:

Page 1: Vertical villages up to 28 storeys high planned for Woden; Kings Highway claims two more lives; Thousands enjoy ACT racing double in bright sunshine; PM prepares for offshore processing, mining tax battles

Page 2: Rinehart set for fresh bid to keep details quiet

Page 3: Cotter Dam budget in difficulty: Actew chief

World: Syria rebuffs UN attempt to achieve a political end to rebellion

Sport: Canberra horse trainer Barbara Joseph triumphs on Super Sunday

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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